“Sowore Challenges Tinubu’s Reforms: A Critical Look at Nigeria’s Economic Mismanagement”
Activist, Omoyele Sowore, has questioned the efficacy of the federal government’s fuel subsidy elimination, asserting that the initiative has intensified economic difficulties instead of easing the struggles of Nigerians.
He noted that the reform has not resulted in enhanced living standards, affirming that everyday citizens have shouldered the consequences of the policy change.
Sowore addressed these issues on Thursday, during a conversation on Frontline, a current affairs program on Eagle 102.5 FM, Ilese Ijebu, which was observed by our correspondent in Abeokuta.
He criticized the present administration’s economic strategy, asserting that the value of the naira has plummeted, serving as proof of economic mismanagement.
According to him, inflation, debt accumulation, and stagnant wages have deteriorated under the policy framework implemented by the administration.
His remarks, “Well, the financial situation in the country is evident to all of you. It’s not something that requires an expert to explain. The government has mishandled the Nigerian economy from its very first day. And how do you discern this?
“The strength of your currency is one of the benchmarks used to evaluate your economic relevance and purchasing capability. It shifted from 400 Naira that Tinubu found it at, to a dollar. And now we are at 1,400 or 450, as the situation may be, or 1,500.”
Sowore further contended that the subsidy removal was accompanied by unfulfilled pledges, emphasizing that citizens have not witnessed any advancements in infrastructure or social amenities.
“He removed what he termed subsidy and deceived you all into believing that the elimination of subsidy would yield greater prosperity, that he would allocate the funds to develop roads and enhance your neighborhoods and schools, and that he would somehow enrich your pockets. Ask yourselves, has that transpired? So all of you are economically defeated.
“We have engaged, or he has engaged in borrowing funds that has never been practiced before. They are acquiring loans to pay salaries. They are obtaining loans for everything. The Nigerian economy can’t even meet its legal budgetary obligations. So you have several ministries that receive zero capital revenues for their departments. So what economy are you discussing?”
“There is no economy here anymore. People are merely surviving from hand to mouth. Many individuals can’t even raise their hand to their mouth anymore. That’s our current reality. So there’s nothing to assess financially about this Tinubu administration.
“Nigeria has gone bankrupt since the subsidy removal. How do you identify that you’re bankrupt? Because you can’t even meet basic obligations,” he added.
He contended that the removal has only favored a small elite while worsening inflation and insecurity.
“I ask again, who has profited from the subsidy removal? If you know anyone, please direct them to me. Aside from the 1% who dominate the political and economic landscape.”
Sowore asserted that economic policies must be evaluated based on their effects on ordinary citizens rather than solely macroeconomic indicators, arguing that Nigeria’s present trajectory signifies elite safeguarding rather than public well-being.
